Sometimes things happen in our lives that change our plans no matter how sure of them we are in the present. This is one of the reasons it is so important to make sure owning and operating a franchise is right for you before you take the plunge.
However, in the case of your life going in a different direction than the business commitment you have already made, here’s some information about selling your franchise.
Before becoming a proud partner with CoLaz
It’s certainly fair for you to ask “what if I want to sell my franchise?”
First, exiting a franchise agreement is different from selling your own business, because you don’t own the original rights to the entity you wish to sell.
In the same way that you were interviewed, trained, and specifically chosen to own and operate your CoLaz franchise, we are also particular about who will run our salons.
For this reason, there will often be some restrictions on whom you may sell to. It will also be crucial for you to find the right buyer with the emotional connection to the franchise and the resources and will to pick up where you left off.
I don’t share this information to deter you - I just think it’s important for you to understand.
When you think about the above, it actually makes a great deal of sense
Say you had a trusted babysitter for your children, someone you had screened, worked with, and knew was responsible and safe. If that babysitter decided not to work with you any longer, you wouldn’t just let any new person come in and start watching your kids. It’s the same idea with a CoLaz franchise.
None of this means that you can’t sell your franchise.
You already have the package to capitalise on a profit
Buyers looking to capitalise on the opportunity you’re relinquishing recognize the benefit of your store already being up and running with trained staff and existing customers. Additionally, they will see the operations manual in the form of the direction from the parent company, instead of trying to run their new small business based on best operating practices that only you as the current owner would know.
Buyers also understand that you’re selling an established name, and that customers will continue patronizing your business based on the consistency of the existing brand, not necessarily because of your management, and is therefore less of a risk.
How do you cash out?
Finally, and of course importantly, you may simply want to cash out. You may find that after opening one or more CoLaz franchises, you soon receive offers for your businesses that come with a high cash multiple. In this case – it could be an instance of the money being too great to pass up…
Ultimately, CoLaz and I will work with you to ensure that you’re happy, and are serving your best interests financially. It’s our intention to provide an exceptional opportunity for potential franchisees, and we are committed to creating a strong brand full of happy, high-earning partners.
If you decide that selling your franchise is the best option for your situation, there are many sites that offer franchise resales listings that can get you started as a seller or buyer. For more information on this topic or for other CoLaz inquiries, click here.